Expense management automation
Simplicity and efficiency achieved through technology
Expense management automation has two equally important aspects - the process an employee follows in order to complete an expense claim (for example logging a hotel receipt or submitting mobile phone records) and the activity accounts or finance staff undertake to process the claim within the finance system.
Typically, a manual process will involve an employee completing a paper expense claim which they then forward, along with the relevant tax invoices, to their manager for approval. Once the manager has approved the claim, they forward it on to the accounts department for processing. The accounts staff then key each expense item into the company's finance system before filing the claim and receipts away.
Independent research evaluating the use of automated expense management systems has confirmed that the cost of processing an expense claim is reduced as the level of automation increases.
Time and money saved
On average, it can take about 55 minutes for an expense claim to be processed manually, which in most cases, can be reduced to just nine minutes with a fully-automated process.
This means that the significant resources and costs required to manually process expenses can be minimised and direct savings achieved by streamlining the process through FlexiPurchase.
Not only can an automated system decrease the cost of processing expense claims, it can also enable an organisation to have greater management control, bring transparency to expense spend and improve adherence to corporate policy.
To learn more about FlexiPurchase's ability to assist you with the regulatory aspects of your business please head to our Audit/Compliance section.
Reap the benefits of expense automation
- Significant cost savings as a result of streamlining processes
- Greater control and visibility of spend
- Adherence to corporate policy
- Rationalisation of suppliers